TAX TABLES 2010/11. INCOME TAX 2010/ /10 Rates

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1 TAX TABLES 2010/11 INCOME TAX 2010/ /10 Rates % % Starting rate for savings income only Basic rate for all income Higher rate for non-savings and savings income only Higher rate for dividends Additional rate for non-savings and savings income only 50 - Additional rate for dividends Trust rate Dividend trust rate Thresholds Savings income starting rate band 1 2, ,440 Basic rate band 1 37, ,400 Higher rate band 37, ,000 N/A Standard rate band for trusts 1,000 1,000 Reliefs Personal allowance (1) 6,475 6,475 age (1) 9,490 9,490 age 75 or over (1) 9,640 9,640 Married couple s allowance (2) 6,965 6,965 Maximum income before abatement of relief - 1 for 2 22,900 22,900 Minimum allowance 2,670 2,670 Blind person s allowance 1,890 1,890 Rent-a-room limit 4,250 4,250 Enterprise investment scheme relief limit (3) 500, ,000 Venture capital trust relief limit (4) 200, ,000 Employer supported childcare 55 per week 55 per week Notes (1) From 2010/11, the personal allowance of any individual with income above 100,000 is reduced by 1 for every 2 of income above the 100,000 limit. (2) Only available where at least one partner was born before 6 April Relief restricted to 10%. (3) Relief at 20%. (4) Relief at 30%. Pension contributions Annual allowance (1) Lifetime allowance Minimum pension age 2009/10 245,000 1,750, /11 255,000 1,800, Basic amount qualifying for tax relief 3,600 Notes (1) Individuals with incomes above 130,000 (excluding employer pension contributions) may be subject to a Special Annual Allowance which restricts tax relief on their pension contributions in excess of normal patterns to basic rate relief. ITEPA Mileage Rates Vehicles 2010/11 and 2009/10 Car or van (1) First 10,000 business miles 40p Additional business miles 25p Motorcycles 24p Bicycles 20p Passenger payments 5p Note (1) For NIC purposes, a rate of 40p applies irrespective of mileage. 1

2 Company cars and fuel Emissions Emissions 2010/ /10 Car benefit percentage (1)(2)(3) 0g/km N/A 0% 1 75g/km N/A 5% g/km 1 120g/km 10% g/km g/km 15% g/km g/km 15% + 1% for every additional whole 5g/km above 130g/km (135 g/km in 2009/10) Over 230g/km Over 235g/km 35% Fuel benefit base figure (2) 2010/ /10 18,000 16,900 Notes (1) Apply the car benefit percentage to list price of the vehicle. (2) Apply the same car benefit percentages to the fuel benefit base figure to calculate the fuel benefit. (3) 3% supplement for diesel cars. Taxable benefits for vans 2010/ /10 Van benefit No CO 2 emissions 0 3,000 Van benefit CO 2 emissions > 0g/km 3,000 3,000 Fuel benefit Official rate of interest 2010/ / % 4.75% CAPITAL GAINS TAX 2010/ /10 From Until Annual exempt amount 10,100 10,100 10,100 CGT rates for individuals (1),(2) Gains qualifying for entrepreneurs relief (see final 10% 18% 18% section of table below) Gains falling within remaining basic rate band (3) 18% 18% 18% Gains exceeding basic rate band 28% 18% 18% CGT rates for trusts & individuals paying the remittance basis charge Gains qualifying for entrepreneurs relief 10% 18% 18% Other gains 28% 18% 18% CGT rate for PRs All gains (4) 28% 18% 18% Entrepreneurs relief Relevant gains (lifetime maximum) 5 million 2 million 1 million Reducing fraction NA Notes (1) For individuals, gains are taxed as if they are the top slice of income. (2) Capital losses and the annual exempt amount may be offset in the most beneficial manner, ie against gains not qualifying for entrepreneurs relief first. (3) The remaining basic rate band is calculated as 37,400 less taxable income less any gains on which entrepreneurs relief has been claimed. (4) Personal representatives of deceased persons cannot claim entrepreneurs relief. 2

3 Lease percentage table Years Percentage Years Percentage Years Percentage 50 or more Retail Prices Index Where Retail Price Indices are required, it should be assumed that they are as follows. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec * 226.4* 227.8* 227.9* 229.3* 230.7* 232.1* 2011* * = assumed 3

4 NATIONAL INSURANCE CONTRIBUTIONS Class 1 Limits 2010/ /10 Annual Monthly Weekly Annual Monthly Weekly Lower earnings limit (LEL) 5, , Earnings threshold (ET) 5, , Upper accruals point (UAP) 40,040 3, ,040 3, Upper earnings limit (UEL) 43,875 3, ,875 3, Class 1 primary contribution rates 2010/ /10 Not contracted out Earnings between ET and UEL 11% 11% Earnings above UEL 1% 1% Contracted out Earnings between ET and UAP 9.4% 9.4% Earnings between UAP and UEL 11% 11% Earnings above UEL 1% 1% Rebate on earnings between LEL and ET 1.6% 1.6% Class 1 secondary contribution rates 2010/ /10 Not contracted out Earnings above ET 12.8% 12.8% Contracted out salary related Earnings between ET and UAP 9.1% 9.1% Earnings above UAP 12.8% 12.8% Rebate on earnings between LEL and ET 3.7% 3.7% Contracted out money purchase Earnings between ET and UAP 11.4% 11.4% Earnings above UAP 12.8% 12.8% Rebate on earnings between LEL and ET 1.4% 1.4% Other contribution limits and rates 2010/ /10 Class 1A contributions 12.8% 12.8% Class 1B contributions 12.8% 12.8% Class 2 contributions Normal rate 2.40 pw 2.40 pw Small earnings exception 5,075 pa 5,075 pa Class 3 contributions pw pw Class 4 contributions Annual lower profits limit (LPL) 5,715 5,715 Annual upper profits limit (UPL) 43,875 43,875 Percentage rate between LPL and UPL 8% 8% Percentage rate above UPL 1% 1% 4

5 CORPORATION TAX Financial year Main rate 27% 28% 28% Small profits rate 20% 21% 21% Augmented profit limit for small profits rate 300, , ,000 Augmented profit limit for marginal relief 1,500,000 1,500,000 1,500,000 Standard fraction Marginal rate 28.75% 29.75% 29.75% Small Medium From From Employees Turnover 10m 50m Balance sheet assets 10m 43m Notes (1) Small and medium sized enterprises (SMEs) must meet the employees criteria and either the turnover or the balance sheet assets criteria. (2) These thresholds apply as given for transfer pricing and distributions received by small companies. (3) For the purposes of research and development expenditure the definition of a SME is extended with effect from 1 August 2008 to: Employees 500; Turnover 100m; Balance sheet assets 86m. CAPITAL ALLOWANCES (1) (1) Annual investment allowance (AIA) (2) 100% 100% First year allowance (FYA) (3) - 40% WDA on plant and machinery in main pool (4) 20% 20% WDA on plant and machinery in special rate pool (5) 10% 10% Writing down allowance on patent rights and know-how 25% 25% Notes (1) Dates for companies are 1 April - 31 March. (2) 100% on the first 100,000 ( 50,000 in 2009/10) of investment in plant and machinery (except cars). (3) A FYA was available for expenditure on assets other than cars in the main pool in 2009/10. The FYA was given after and in addition to the AIA. (4) A rate of 20% applies to cars with CO 2 emissions greater than 110g/km but not more than 160 g/km acquired on or after 6 April 2009 (1 April for companies). (5) A rate of 10% applies to cars with CO 2 emissions greater than 160 g/km acquired on or after 6 April 2009 (1 April for companies). (6) Cars acquired before 6 April 2009 (1 April for companies) continue to be written down based on cost rather than emissions. 100% First year allowances available to all businesses 1) New energy saving plant and machinery, and water efficient plant and machinery. 2) New cars registered between 16 April 2002 and 31 March 2013 if the car either emits not more than 110 g/km of C0 2 or it is electrically propelled. 3) Renovation or conversion of vacant business premises, in a designated Enterprise Area, for the purpose of bringing those premises back into business use. 4) Converting or renovating an empty or under-used space above a commercial property into qualifying residential accommodation. 5) Capital expenditure incurred by a person on research and development. 5

6 INHERITANCE TAX Death rate 40% Lifetime rate 20% Nil rate bands 6 April April 2000 up to 231,000 6 April April 2006 up to 275,000 6 April April 2001 up to 234,000 6 April April 2007 up to 285,000 6 April April 2002 up to 242,000 6 April April 2008 up to 300,000 6 April April 2003 up to 250,000 6 April April 2009 up to 312,000 6 April April 2004 up to 255,000 6 April April 2015 up to 325,000 6 April April 2005 up to 263,000 Taper relief Death within 3 years of gift Nil% Between 3 and 4 years 20% Between 4 and 5 years 40% Between 5 and 6 years 60% Between 6 and 7 years 80% Quick Succession relief Period between transfers less than one year 100% Between 1 and 2 years 80% Between 2 and 3 years 60% Between 3 and 4 years 40% Between 4 and 5 years 20% Lifetime exemptions Annual exemption 3,000 Small gifts 250 Wedding gifts - Child 5,000 - Grandchild or remoter issue or other party to marriage 2,500 - Other 1,000 VALUE ADDED TAX From From to to Standard rate 20% 17½% 15% VAT fraction 1/6 7/47 3/23 Limits From to Annual registration limit 70,000 68,000 De-registration limit 68,000 66,000 Thresholds Cash accounting Annual accounting Turnover threshold to join scheme 1,350,000 1,350,000 Turnover threshold to leave scheme 1,600,000 1,600,000 6

7 OTHER INDIRECT TAXES 2010/ /10 Insurance Premium Tax (1) Standard rate 5% (6% from ) 5% Higher rate 17.5% (20% from ) 17.5% Landfill Tax (pro rated for part tonnes) Standard rate 48 per tonne 40 per tonne Lower rate 2.50 per tonne 2.50 per tonne Landfill Communities Fund (2) (LCF) 5.5% landfill tax liability 6.0% landfill tax liability Aggregates Levy (pro rated for part tonnes) 2.00 ( 2.10 from ) per tonne 2.00 per tonne Climate Change Levy (3) Electricity 0.470p per kwh 0.470p per kwh Gas 0.164p per kwh 0.164p per kwh Liquid hydrocarbons 1.050p per kg 1.050p per kg Any other taxable commodity 1.281p per kg 1.281p per kg Notes (1) Premium is tax inclusive IPT is 1/21 (3/53 from ) or 7/47 (1/6 from ) of the premium. (2) Relief for 90% of qualifying contributions (3) Where the reduced rate applies it is 20% of the rate shown in the table. STAMP TAXES Stamp duty - On shares transferred by physical stock transfer form 0.5% Stamp duty reserve tax - On agreements to transfer shares 0.5% - On shares transferred to depositary receipt schemes 1.5% Stamp duty land tax on purchase price / lease premium / transfer value 2010/ /10 Rate % Residential Non-residential Residential Non-residential Zero 0-125,000 (1)(2) 0-150,000 (3) 0-125,000 (1)(2)(4) 0-150,000 (3) 1 125,001 (1)(2) - 250, , , ,001 (1)(2)(4) - 250, , , , , , , , , , , ,001-1,000,000 Over 500,000 Over 500,000 Over 500,000 Notes (1) A higher threshold of 250,000 applies to purchases by first time buyer completed between and (2) A higher threshold of 150,000 applies to transactions in residential land in disadvantaged areas. (3) For non-residential property, where the transaction involves a grant of a lease, the zero rate band is not available if annual rent exceeds 1,000. (4) From to a higher threshold of 175,000 applied to residential property. For the period from to , the higher threshold did not apply to lease premiums where the lease was granted for a term of less than 21 years or assigned with a term of less than 21 years to run. New leases Stamp duty land tax on lease rentals (1) Rate (%) Net present value of rent Residential Non-residential Zero Up to 125,000 (2) Up to 150,000 1% Excess over 125,000 (2) Excess over 150,000 Notes (1) SDLT on the net present value of the rent is payable in addition to SDLT on any lease premium. (2) A higher threshold of 175,000 applied between and For the period from to , the higher threshold did not apply to leases which were granted for a term of less than 21 years or assigned with a term of less than 21 years to run. In addition, SDLT was payable on the excess of chargeable consideration above 125,000. From to , the higher threshold applied to all leases of residential accommodation and SDLT was payable on the excess of chargeable consideration above 175,000. 7

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